Ovoot Coking Coal Project

The Ovoot Project area is located in north-western Mongolia and was discovered by the company in 2010 to 2013.

In August 2012 the Company was granted a mining license over the Resource area.

Ovoot Basin Tenement Outline and Mining Licences

Ovoot Coal Resources

JORC Resource

Ovoot Open Pit

Ovoot Underground

Total (Mt)

Measured

197.0

0.0

197.0

Indicated

46.9

25.4

72.3

Inferred

9.2

2.6

11.8

Total

253.1

27.9

281.0

Ovoot Coal Reserves

JORC Reserves1

Probable (Mt)

(Arb, 2% moisture)

Total (Mt)

Marketable (Mt)

(Arb, 9.5% moisture)

Open Pit

247

247

182

Underground

8

6

6

Total

255

255

188

Click here for the full JORC 2012 Compliance Coal Resource and Reserve Statement.* For the Competent Persons Statement, please scroll to end of page.

Indicative Product Specification

Indicative Ovoot Washed Coking Coal Specification

Moisture

9%

Ash

9%

Volatiles

25-28%

Sulphur

1.2%

CSN

9

Max Fluidity Log

3.60

Max Dilation

+300%

Gray King

G11

G Caking Index

+95

Y Index mm

+26

RoMax

1.2

Ovoot Coking Coal is classified as a “Fat” Coking coal under the Chinese coking coal classification system. This coal category provides high fluidity coals with good plastic and excess caking properties which are used to blend lower quality coking coals.

As an example of Ovoot Coking Coal’s blending capabilities Aspire has conducted a number of blending tests with various coals (including non-coking coals from the Tavan Tolgoi Mine) that demonstrated the capacity to blend with Ovoot Coking Coal and upgrade the coking ability of other coals. The test work has shown that blending relatively low proportions of Ovoot Coking Coal (as low as 25% in the blend) resulted in a blended primary coking coal product under the Chinese system. In June 2016 Aspire entered into a Memorandum of Understanding with Erdenes Tavan Tolgoi JSC, a Mongolian Government controlled entity that owns the Tavan Tolgoi Coal Mine, detailing cooperation on further technical and commercial assessments regarding the blending of Aspire’s Ovoot Coking Coal with various coals from the Tavan Tolgoi deposit.